April 27, 2001, 12:00 AM

Drugstore.com gets a new CEO, Q1 revenue grows 44%

Drugstore.com has a new president and did better than Wall Street analysts expected for the first quarter.

Kurt Peters

Executive Editor

Drugstore.com has promoted Chief Operating Officer Kal Raman to president and CEO. In addition, the online pharmacy’s first quarter net sales increased 44% to $32.8 million over Q1 last year while gross profit increased 15.3% to $5 million. Average net sales per order was $62 up from $39 in Q1 2000. Pro forma net loss improved 44% to $21.8 million over Q1 2000. Net loss on a GAAP basis was $41.7 million and reflected a restructuring charge of $7.3 million. Marketing and sales expenses declined by $8.1 million, and as a percent of net sales declined from 84% to 33%.

The company also reports that it added 171,000 new customers, bringing its total customer base to more than 1.8 million. Orders from repeat customers grew to 68% of the total orders in the quarter.

Peter Neupert, who had been drugstore.com`s president, CEO and chairman of the Board, will continue in an active role as chairman. Raman joined drugstore.com in 1998 as chief technology officer.

 

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